Orchestra BioMed Surpasses Full Enrollment in BACKBEAT Pivotal Trial of AVIM Therapy

Medtronic reported first-quarter fiscal 2027 revenue of $9.76 billion, up 13.7% from a year earlier, and raised its full-year outlook, with adjusted diluted EPS climbing 15.1% to $1.45 and GAAP EPS rising 40.7% to $1.14. Management now expects organic revenue growth of 7.25%-7.75% for fiscal 2027, up from 6.75%-7.25% previously, and lifted adjusted EPS guidance to $5.94-$6.00. The quarter included an extra selling week that added about $570 million to revenue, so the headline growth rate should not be expected to repeat. Cardiovascular delivered strong growth, while Neuroscience, Medical Surgical and Diabetes also posted high-single-digit or double-digit organic growth. At a share price of around $89-$90, the stock trades at roughly 15 times the midpoint of the adjusted EPS forecast, versus about 22 times trailing earnings, while paying a quarterly dividend of $0.72 per share, or $2.88 a year, for a yield of roughly 3.2%-3.3%. Medtronic is also expanding its Affera cardiac mapping and ablation system, investing in Pi-Cardia and Cornerstone Robotics, and has acquired Scientia Vascular and SPR Therapeutics, with a planned separation of its Diabetes business.

Medtronic announced that the American Medical Association has approved new Category I Current Procedural Terminology codes for two of its technologies, the Altaviva implantable tibial neuromodulation device for urge urinary incontinence and the Symplicity Spyral renal denervation system for uncontrolled hypertension. The new codes, which replace existing Category III codes, take effect in January 2028. Category I codes are permanent codes assigned to procedures the AMA deems well established, widely performed across the United States, and supported by robust clinical evidence, and while they can help support physician payment and inform commercial payer coverage decisions, they do not determine coverage, reimbursement, clinical superiority, or patient access. The Altaviva device was approved by the U.S. Food and Drug Administration in September 2025 for urge urinary incontinence, a condition affecting 16 million adults in the United States, and is placed under the skin near the ankle in a minimally invasive procedure. The Symplicity Spyral system was finalized for Medicare coverage in October 2025, and Medtronic said its SPYRAL HTN global clinical program is the most comprehensive studying renal denervation, with more than 5,000 patients and experience in over 40,000 patients globally.